Know Your SWOT as a Startup Founder

Founders of startups have one thing in common — they have toiled their way through and still are doing so. Starting a business with little or no means entails perspiration, guts to envision success and unfazed commitment under all weather conditions.

In the mad rush of getting things done, founders have to understand one thing — it is extremely important to self introspect and analyse every living day of operating a business. Predictably so, we procrastinate that part. Why? We have a lot of reasons, being swamped for one.

This slide share by Luke Tucker from Empowered Presentations nails the undercurrent straight. The underlying strengths, weaknesses, threats and opportunities. Where founders fail to observe and work on few things.

There will be failures — how are you dealing with that part?

Tucker’s slide also talks about what happens when ideas get stolen. How the most successful of businessmen have fought that setback. It is important to understand and accept the failure. But more important is the finest ability to learn and move on.

How well have you done your research?

Tucker talks about the preparation part as the enterprise runs. If there are glitches, time would be right to rework on the research part. Whether your product or service is meeting its target consumers and most importantly, whether it is scalable and worthy of greater outreach.

Preparation meets success

Startup founders should know that a great preparation and a constant one that caters to contingencies is what meets success. The more prepared they are on all fronts, the better are the chances of the survival, scaling up and sustenance. Tucker explain that in detail.